• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 hours Oil prices going Up? NO!
  • 1 hour Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 8 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 48 mins The Tony Seba report
  • 51 mins Could Venezuela become a net oil importer?
  • 4 hours Kenya Eyes 200+ Oil Wells
  • 4 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Oil prices going down
  • 13 hours Saudi Arabia turns to solar
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Gazprom Exports to EU Hit Record
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours OPEC soap opera daily update
Alt Text

Canada’s Oil Crisis Is Far From Over

While the Canadian government has…

Alt Text

Why OPEC Won't Flood The Oil Market

Saudi Arabia and Russia are…

Alt Text

3 Possible Outcomes From The OPEC Meeting

With the OPEC meeting nearing,…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Giant Kashagan Finally Starts Production, Watch the Transport

Bottom Line: Thirteen years and $50 billion later, Kazakhstan’s giant Kashagan oil reservoir started pumping on 11 September—but follow the money for the transport, which is where the real game is being played right now.

Analysis: Kashagan is an offshore Caspian Sea reservoir off the coast of western Kazakhstan. Right now, Kazakhstan is producing about 82 million tons of oil and expects to increase that next year to 83 million tons with the first oil from Kashagan. By 2018, the forecast is 110 million tons based on Kashagan production. Kashagan has been phenomenally expensive because the consortium running it has had to build artificial islands and a massive amount of Caspian infrastructure in freezing, shallow waters to make it happen. The multinational consortium North Caspian Oil Company (NCOC) has spent $50 billion so far. The delays have been almost unbearable. The original production start-up was supposed to be 2005. The Kazakh authorities had given the consortium a final deadline of 1 October (moved from June) to have oil pumping or face fines and a loss of partial compensation. The consortium includes Kazakhstan’s state-run KazMunaiGas, Italy’s Eni, ExxonMobil, Shell, and France’s Total—all with 16.81% stakes, along with Japan’s Inpex with 7.56%. While production has started it will still take at least a month to achieve commercial production. Kazakhstan needs about 2 million barrels a day for domestic consumption, so…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News